You work hard for your money, and now it’s time for your money to work hard for you. When you put cash in a savings account it earns interest and grows your balance, helping you achieve your financial goals. Whether you’re saving for a big-ticket item, building up funds to cover unexpected expenses, planning a vacation, or ramping up your savings for the future, a solid savings plan and the right accounts can help get you to your goals quicker.

Our savings strategies and step-by-step process will teach you how to structure savings accounts to maximize your money.

How Many Savings Accounts Can I Have?

There is no limit to the number of savings accounts you can have but as a general rule you should have enough savings to cover at least six months’ worth of expenses.

Well, maybe that works for some individuals, but one size doesn’t necessarily fit all, especially when it comes to saving for your future. The size of your savings account and how many accounts you have, will vary based on your individual financial situation, your short and long-term goals, and what you’re actually saving for. Let’s take a closer look.

Multiple savings accounts allow you to save for many things at once and help you resist the temptation to splurge on a dream vacation with money you saved for something else, like that down payment on a home or even a car. Setting up separate savings accounts for each goal maximize flexibility, allowing you to adjust your savings goals if your personal goals change, as they often do.

To get started:

  1. Make a list of everything you’re saving for (down payment on a home, a special event, tuition, medical expenses).
  2. Prioritize each in terms of importance and necessity.
  3. Focus on one priority at a time. Set individual savings goals and a timeline for when each goal should be met. Every priority will have its own monetary goal, timeline, and rate at which you fund it.

How much money should I put in my savings account?

To help determine how much money you need to save in each specific account, know the cost of the items you are saving for and work towards that dollar amount. While the balances in each of your savings accounts will differ, it’s important to make sure your money is insured.

Jovia, as a federally insured credit union, is a safe place for you to save your money, with deposits insured by the NCUA up to at least $250,000 based on the account structure. The National Credit Union Administration (NCUA) is the independent regulatory agency that administers the insurance fund, which is backed by the full faith and credit of the United States government.

Naturally, savings account balances and priorities will fluctuate as you reach certain milestones. Part of your savings strategy should be to determine which goal takes priority and fund the accounts accordingly. Having more than one savings account provides the opportunity to fund each account differently based on your needs at the time.

For example, if saving for a down payment is your main focus, you may choose to fund that account faster while the vacation account remains on the back burner with smaller amounts until after you make that dream home a reality. Then, you may choose to fund the vacation account more aggressively, while slowly rebuilding the home account to save for repairs and renovations down the road.

No matter how you choose to separate your savings accounts, remember to set realistic goals, start small, build upon your progress, and keep making deposits. Then, let the interest in your savings accounts build and watch your balances grow. Finally, your money is working for you!

How to Start Saving

These tips can help you squeeze a few extra dollars out of your budget and into your savings account.

  • Establish a budget for necessary expenses and eliminate unnecessary spending.
  • Cancel or lower unused magazine subscriptions, fitness memberships and streaming or cable services.
  • Reduce impulse purchases at the grocery store by making and sticking to a shopping list of essential items.
  • Cut back on designer coffee and take-out meals. Brewing and cooking at home can help you save and give you a chance to perfect your recipes.
  • Download free savings apps on your mobile device that are designed to round up your credit or debit card purchases to the next full dollar and automatically add the change to a savings account of your choice.
  • Determine a weekly or monthly schedule for when you will make deposits and be consistent. You can even set up automatic transfers to stay on track

Ready to Open a Savings Account?

Jovia’s savings accounts make it simple and easy to save.

Low Minimums:

  • Open an account with as little as $5
  • No Fees

Flexible Options:

  • Special purpose savings accounts to help you save for all your goals
Did you know?

Our special purpose savings accounts can help you save for all your goal-based events! While you can access funds from these accounts whenever you need it, you can also have these accounts set up for automatic transfers to your checking account at the specified time you choose. That way, when it comes time to pay for things like your child’s camp tuition, or holiday gifts, the funds you’ve been saving are waiting for you in your checking account.

Competitive Rates:

  • One of the most competitive interest rates on Long Island
  • Daily compounding interest

Ease & Convenience:

  • Open an account in the branch or online
  • Set up automatic transfers to help fund your savings accounts and reach your goals faster – you can adjust them as life changes within our digital banking platforms
  • Jovia’s Online and Mobile Banking make it easy to access savings accounts, view statements, perform transactions, and deposit checks in a snap

Still have questions? Visit or call a local Jovia branch and speak with a specialist who can help you start saving today. You’ll be glad you did!